Debt

3 Months Ended

Dec. 25, 2022

Debt Disclosure [Abstract]

Debt

DEBT

The Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $462.6 million at a 9% annual fixed rate and maturing on March 16, 2045 (referred to herein as “Credit Agreement” and “Term Loan”). On December 25, 2022, the fair value is $480.8 million. This represents a level 2 fair value measurement.

During the three months ended December 25, 2022, we made no principal debt payments. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. As of December 25, 2022, there was no excess cash flow payment due.